OBAMA: Banks and investors were allowed to package and sell risky mortgages. Reckless bets were made with other people's money on the line.

RUSH: 2008 speech here.

OBAMA: And too many from Wall Street to Washington simply looked the other way.

RUSH: It's a 2008 speech.

REPORTER: President Obama speaking in Cleveland --

RUSH: Well, there you have it, folks. I was joking when I said, is it in a mortuary? He's sitting around, he's waiting for the junior college students to applaud, and they weren't. Their cue to applaud was a lot of silence and then, "Oh, I guess we're supposed to make some noise here." Anyway, so that's Obama at a community college in Cleveland. Yeah, Fox dumped out of that. Everybody dumped out of this. Oh, MSNBC is still -- yeah, they would be. They're being paid. But CNN dumped out. That's why I say it's a 2008 speech. He's talking about people who were tricked into buying homes. He's talking about the subprime mortgage thing. He can't even tell the truth about that.

BREAK TRANSCRIPT

RUSH: Obama actually told the audience at that community college that recoveries take ten years, and he cited Europe. He says countries need ten years to recover, and he pointed to Europe. We have a couple of sound bites. I don't know if the sound bites include that, but he said it. Here's the first one...

OBAMA: (godlike echo) Polls will go up and polls will go down. There will be no shortage of gaffes and controversies that keep both campaigns busy and give the press somethin' to write about.

RUSH: What the hell is this?

OBAMA: You may have heard I recently made my own unique contribution to that process.

AUDIENCE: (laughing)

OBAMA: Wasn't the first time; it won't be the last.

RUSH: He's talking about his gaffe, "The private sector's doing fine." He won't let people forget it! You don't go out and remind people of that stuff. That is a fake, phony attempt at humility. He didn't bring it off. (impression) "Polls will go up, polls will go down. No shortage of gaffes. I made my own. Economy's not..." Here's the next bite. We gotta hurry and jam stuff in here.

OBAMA: (godlike echo) This election presents a choice between two fundamentally different visions of how to create strong, sustained growth; how to pay down our long-term debt --

RUSH: (laughing)

OBAMA: -- and most of all, how to generate good middle-class jobs --

RUSH: (laughing)

OBAMA: -- so people can have confidence that if they work hard, they can get ahead.

RUSH: (laughing) Oh-ho-ho!

OBAMA: This isn't some abstract debate.

RUSH: (laughing)

OBAMA: This is not another trivial Washington argument.

RUSH: (laughing)

OBAMA: What's holding us back is a stalemate in Washington --

RUSH: (laughing)

OBAMA: -- between two fundamentally different views of which direction America should take.

RUSH: (laughing)

OBAMA: And this election is your chance to break that stalemate.

RUSH: (guffawing) I don't believe it! The guy's out there... (guffawing) How to pay down our long-term debt? (guffawing) Your long-term debt! How to pay it down? There's not one plan to pay it down! (guffawing) Oh-ho-ho! (guffawing) I can't wait to hear the rest! I haven't laughed like this in too long, folks.

BREAK TRANSCRIPT

RUSH: Let's go to Wilmington, Delaware. This is Jerry. Thank you for waiting, sir. You're next on the EIB Network. Hello.

CALLER: Afternoon, Rush. How you doing?

RUSH: Good. Thank you.

CALLER: It's a thrill. You know, Rush, for the last couple years I've been wanting to scream at pundits and everyone that's saying, "Obama, you know, he's still a nice guy. He's very personal. He's still popular."

RUSH: Yeah, yeah, I know exactly what you mean.

CALLER: From the beginning I never thought him as a nice guy. I mean how many neighbors do you have that -- I always thought him as a creepy guy with creepy friends. How many neighbors do you know dealt with racist preachers, ex-terrorist Bill Ayers, you know, felons, Rezko, Blago --

RUSH: Exactly right.

CALLER: And if you wanted an abortion in the fourth trimester, no problem.

RUSH: Right.

CALLER: You got it. You know, I don't know where this nice guy comes from, but I don't think of --

RUSH: It's a media myth, and they perpetuate it with the polling data. He is a likable, personable guy and so forth. They always said he was cool, before that was racist to say, they said he was cool. I've always thought he was cold.

CALLER: Yeah. If you want an abortion in the fourth trimester, you got it.

RUSH: Yeah.

CALLER: Hey, listen, I value your opinion, Rush. I love your satire and your opinion. I tell my friends I always thought of Obama as a liberal white Americans' reparations president. What do you think of that, or do you want me to explain what I'm talking about?

RUSH: Well, I know what you mean. I know what you mean. If we ever had a reparations program, they wouldn't call it that. They'd camouflage it, disguise it as some sort of welfare program. The media says that Michelle Antoinette is likable, too, that she one of the most beloved people in the country. They do. Why are you frowning in there? You know they say that about Michelle. (interruption) The polls say that she's more liked than Obama is? I think they tell us that both of them are liked and respected and adored. And Obama, he's the celebrity president impersonator. Maybe, I guess. Is Axelrod on Twitter yet answering questions from the speech? He was supposed to be. Darrell, Springfield, Missouri, welcome, sir, to the EIB Network. Hello.

CALLER: Hello, Rush. Long-time listener, first-time caller.

RUSH: Great to have you here, sir. Thank you.

CALLER: I would like your opinion on something, with two assumptions. One, that we win the presidential election in November and that we take back control of the Senate. Is it possible because we have not had a budget since the budget that was proposed and approved in late 2008 or 2009, is it possible to say, okay, we've had three years of no official budget, that we are literally going to go back to the '09 budget and start this all over and get rid of all of the junk that is embedded --

RUSH: No.

CALLER: -- in everything that has been going on --

RUSH: I wish it were that simple, but it isn't. We have authorized spending with continuing resolutions.

CALLER: I understand that.

RUSH: Well, you can't wipe that out, and just because there wasn't a budget say of everything that was spent without a budget didn't count. Plus there would be the political -- I mean, don't get me wrong, I would love it. I'd like to go back to the 1990s spending levels.

CALLER: (laughing) I understand.

RUSH: You know when the Democrats talk about how great it was under Clinton, okay, great, let's go back there. If that's the measure of success, let's take the retro-express and head back there. Now, I understand your point. But there are two primary reasons they didn't do a budget, the Democrats. One is, they did not want to go on record with their spending intentions or desires because it would harm them politically, campaign-wise. Number two, they chose the continuation resolution route because it allowed them to perpetuate a constant crisis, which was an easy way to bamboozle the Republicans and flummox them and get the spending that they wanted incrementally inch by inch, and there's a couple of other factors that are tossed in here as well.

But nevertheless, Darrell, I have to tell you, you make a great point indirectly. If Obama is going to blame Bush -- and he did in this speech. He said the problems we have, have been in the making for ten years. Ten years is George W. Bush. This is 2012. Ten years, that's George W. Bush, and he means from 2000 to 2010. That's what he's talking about. So if he's going to blame Bush for all the spending, let's go back to Bush's budget. The last budget we had was Bush's. Let's go back to that. But of course it's not gonna happen. But it's a great thought exercise.

BREAK TRANSCRIPT

RUSH: Tell me what you think here. Obama's still speaking. It is dull, it is boring, and all the networks dumped it. Is MSNBC still covering it? They are. They're the only ones. Everybody else bumped out of this thing. It's reworked 2007, 2008 stuff. I'm gonna be real eager to hear the reviews, 'cause the media had so much hope. They had so many hopes invested in this speech, and I'm gonna be eager to see what they say about it. Now, he just said, "My vision works for the middle class."

This is a guy who just said, "The private sector is doing fine."

We just had the news today, this week: Wealth for median families is down 40% under Obama. The median family is middle class. Family net worth has plummeted under Obama. That news we had. Whoever's writing these speeches is writing them in a vacuum. "My vision works for the middle class." This is what Carville said don't do. Do not try to say positive things about the economy. There isn't any, and you can't convince people. They're living it! (summarized) "My vision works for the middle class. Give me ten years. Look at Europe. Recoveries take ten years!" But it's a pathetic speech, folks. He's talking about people that got tricked into mortgages they couldn't afford?

They re-birthed the 2008 campaign.

We have one more sound bite from Obama, and this is it...

OBAMA: (godlike echo) I want speak to everybody who's watching who may not be a supporter, may be undecided or thinkin' about voting the other way. If you agree with the approach I just described -- if you want to give the policies of the last decade another try -- then you should vote for Mr. Romney. I... I...

STUDENTS: (grumbling)

OBAMA: Like I said, I know I've got supporters here. No, no, you -- you should vote for his allies in Congress.

STUDENTS: (grumbling)

OBAMA: You should take them at their word, and they will take America down this path.

RUSH: So it's Bush's fault. The policies of the last decade are what we're living under now, and he hasn't been able to fix it. That's what he's saying. He hasn't been able to fix it. He's not qualified. That's what he's saying. This is what Romney has got to point out. The Republicans have gotta point this out. He keeps blaming the last ten years. And what's happening now, he's been in there 3-1/2 years trying to fix it. He hasn't fixed it. It's still dominant, what Bush did. It's still carrying the day. What Bush did is still dominating our politics.

Obama tried!

He's given it his best shot, and he's admitting he can't fix it.

That's the risk you run when you start blaming the previous guy and you're 3-1/2 years into your own term. You're essentially saying you don't have what it takes to fix it. He ran as Mr. Fix It. He hasn't fixed anything.